All amounts in € thousands

The movement in the participations and loans recognised in the financial fixed assets that do not belong to the group were as follows:

The compensable losses amounted to € 0.0 million at year-end 2018 (2017: € 3.1 million). Based on the compensable losses, the deferred tax asset was set at € 0.8 million in 2017. This deferred tax asset was realised in 2018.

The cash and cash equivalents are freely available to the company.

Before appropriation of result

A deferred tax liability of € 0.9 million has been recognised for the difference between the fiscal and commercial valuation of the participations of € 4.4 million at year-end 2018 (2017: € 2.9 million).